German regulator tightens oversights on N26 bank after compliance lapses

N26 has 5m customers in 24 countries in Europe 

Germany's financial regulator BaFin on Monday announced stricter oversight of Berlin-based online bank N26, including limits on new business in the Netherlands and the instalment of a special monitor, after finding lapses in compliance by the lender.

Germany's financial regulator BaFin on Monday announced stricter oversight of Berlin-based online bank N26, including limits on new business in the Netherlands and the instalment of a special monitor, after finding lapses in compliance by the lender.

The measures mark the second time since 2021 that BaFin has ordered a special monitor to oversee the fast-growing Berlin-based bank, and they amount to a significant crackdown on a prominent name in finance in Europe's largest economy.